Global Solvent Market to witness a surge in its valuation with a 6.60 % CAGR by 2026

Published | 05 October 2020

According to BlueWeave Consulting, Global Solvent Market is estimated to be USD 32.07 Billion by 2026 from USD 20.5 Billion in 2019, at a CAGR of 6.60 % from 2020 to 2026. 

The solvent is a material that melts a solute, thus, subsequent in a solution. Solvents are frequently in a liquid state but can also be in solid or gaseous forms. Solvents are used for diverse uses in domestic, commercial, and research purposes. Herein, the assessment directed considers the extrinsic and intrinsic reasons governing the market.

Specific reasons that play the role of drivers for the solvent market include a rising request for solvents in the construction industry, its use in the medical field, and increasing use of solvents in pharmaceutical, sealants, adhesives, and printing inks. The increasing regulatory pressure for using organic solvents, which are ecological, is acting as a driver for the global solvents market. Various health threats related to solvent, environmental issues, and the unbalanced crude oil prices are restrained to the global solvents market. Growth in the residential and infrastructure sector in emerging nations of Asia Pacific would act as a prospect for solvent manufacturing industries. 

“Paints & Coatings dominates the Application Segment”

Based on application, the global solvent market is segmented into Paints & Coatings, Pharmaceuticals, Polymer Manufacturing, Adhesives, Printing Inks, Metal Cleaning, Personal Care, Agricultural Chemicals. Among these identified applications, the paints and coatings segment are foreseeable to show promising development in the years to come based on the boom in infrastructure and automobile industry.

Growth Drivers 

Increasing application across various end-use industries 

The primary consumers of solvents are producers of paints and coatings, followed at a substantial distance by producers of printing inks. Request on the part of the pharmaceutical industry hierarchical third, followed by use in cosmetics and adhesives. Other significant benefits are chemical manufacturing processes, cooling circuits, dry-cleaning, and deicers. However, a trend away from solvent-borne products and more ecologically friendly substitutes based on water is prevailing in the section paints and varnishes. This growth has an inhibiting effect on the demand for solvents.

Restraint

Solvents are extensively used in industrial processes and academic research. The volume of these materials released into the environment is tremendously concerned as these solvents harm animals and plants. Thus, several government bodies and environmental agencies have set up strict regulations to bind the releases of volatile organic compounds from numerous manufacturing and non-manufacturing industries, which is delaying the development of the solvent market.

“Asia Pacific dominates the Global Solvent Market”

The Asia Pacific held the market's main share in 2016 and is anticipated to maintain its position during the forecast period. The market in the area is also expected to enlarge rapidly during the prediction period. The demand for solvents is growing significantly in the region due to developing people and rapid urbanization. North America and Europe are relatively mature markets, which are about to reach saturation. Green initiatives taken by governing bodies chiefly drive these area markets. Increasing governing intervention, coupled with strict environmental laws regarding solvent usage and manufacturing in these regions, is predictable to limit the market growth. The emergence of bio-based solvents and increasing consciousness among consumers related to the welfares of environment-friendly products are predictable to influence the product demand over the prediction period.

Global Solvent Market: Competitive Landscape

Some of the leading players operating in the Global Solvent Market are Royal Dutch Shell, Eastman Chemical Company, BASF SE, Exxon Mobil Corporation, Lyondellbasell Industries Holdings B.V., Ashland Global, Celanese Corporation, Huntsman International LLC, Solvay S.A., Honeywell, Ineos Group AG, Dow, Cargill, Incorporated, Chr Hansen Holding A/S, Ajinomoto, ADM, Herza Chocolate GmbH & Co. KG, Indena Spa, Martin Bauer Group and Frutarom Ltd. and other prominent players.

Do not miss the business opportunity of Global Solvent Market. Consult our analyst, gain crucial insights, and facilitate your business growth. 

The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the Global Solvent Market size & forecast. The report promises to provide state-of-the-art technology of Global Solvent Market and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market. 

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